RBS, LLoyds, Barclays all stand accused of removing SME's oversdrafts to force some of them into factoring for the sole purpose of FORCING them into factoring to put them into insolvency for their assets!

Clifford Chance while carrying out their report on RBS suggested that they should revisit a GRG training manual suggested threatening to remove a distressed business' overdraft as a way to gain "leverage" in negotiations over equity.

Or as the report termed it: "using the on-demand nature of the overdraft as a point of leverage in negotiations of equity upsides when the customer is not in breach of its facilities but the business may be experiencing underperformance against expectations/forecasts.

But the firm didn't pass judgement, saying: “The circumstances win which it is appropriate for a bank to remove or to warn a customer that it will remove an overdraft are beyond the scope of this report”.

ADMIN: HOW MANY BANK'S CLIENTS WERE FORCED INTO FACTORING BY THEIR OVERDRAFT BEEN REMOVED?

LET ALONE THE EXCESSIVE HIDDEN CHARGES AND FAIRY TALE TERMINATION FEES